The current version of the show, in which contestants compete to win cash and prizes by guessing the price of various items, was launched in May last year.

It was hosted by Larry Emdur, who also fronts Seven's mid-morning magazine show The Morning Show. Emdur was the host of two previous iterations of the format, both for Channel Nine, from 1993 to 1998 and 2003 to 2005.

Host Larry Emdur.

"We will not be making any further episodes. All episodes produced have been screened," the network said in a statement.

Advertisement

"Larry Emdur remains with The Morning Show and is a valued member of the Seven family."

Entertainment journalist Peter Ford broke news of the show's cancellation on Fairfax Radio this morning.

Seven launched the show last May, claiming it was returning to its "original" home. Seven launched the first Australian version of the show, fronted by Bruce Beeby in 1957.

Seven's most successful version of the show was The New Price Is Right, which was hosted by Ian Turpie and aired between 1981 and 1986.

The original US version was created by iconic US game show pioneers Mark Goodson, Bill Todman and Bob Stewart.

The trio developed many iconic game show formats, including Double Dare, Family Feud and The Match Game, which is known in the UK and Australia as Blankety Blanks.

The format is currently owned by Fremantle Media, who license versions of it around the world, including Portugal's O Preco Certo, Italy's OK, Il Prezzo e Giusto! and Venezuela's El Precio Justo.

47 comments so far

And about time too.

Commenter

OLD DOG

Location

ACT

Date and time

January 30, 2013, 3:43PM

+1

Commenter

Babyboomer

Location

Melbourne

Date and time

January 31, 2013, 8:02AM

Honestly I don't know what to replace it with. Australian Television is in such a very bad way, I don't think it can recover.. Apparently Home and Away/Neighbours is the best we can do..

Repeats of some rubbish I guess..

Commenter

Davo

Location

Date and time

January 30, 2013, 3:44PM

Relax Davo, it's not up to you to know what to replace it with. H&A and Neighbours by the way are very high rating shows and sold around the world. Neighbours is so popular in the UK it airs twice a day. I don't think Price is Right will be replaced with "repeats of some rubbish" at 5:30 on their premier channel, but then again I've only worked in the industry for 15 years.

Commenter

WotTha?????

Location

Date and time

January 30, 2013, 4:09PM

I'd be very surprised if they had a high quality original show in its time slot anyway.

Commenter

Don't get it

Location

Aus

Date and time

January 30, 2013, 4:11PM

For an "industry expert of 15 years" you miss the obvious. Because they are high rating doesn't mean they are good it means there is nothing else on for people to watch. Its always been the way.

But then again, both those shows are aimed at the 10-15 yr old range. People that age wouldn't know a good show if it got up and smacked them in the face. Sorry, but that's how it is

Commenter

Davo.

Location

Date and time

January 30, 2013, 4:45PM

Oh Davo is one of those 2 pseudonym people. Good to know.

Commenter

WotTha?????

Location

Date and time

January 30, 2013, 4:49PM

Wotha those that have been in the industry for 15 years need the arse, because what is getting made and shown in low budget, shallow tripe. Including H&A and Neighbours, even if the poms are sucked in.

TPIR, was merely a shadow of it's former self. Lame prizes. There is more value in their online shop.

Commenter

Stretch

Location

Online for my shows.

Date and time

January 30, 2013, 6:30PM

WotThaMate you put your whole leg in with that one The Australian TV industry is so full of dreck that anyone with half a brain can see it. But does'nt extend to people who work in the industry.

You need to join society and see the real world

Commenter

Marc Remillard

Location

Date and time

January 31, 2013, 9:56AM

Is anyone really surprised? Such a shame because the original Price is Right was a fantastic show. The new format just isn't the same.